AUD/USD Signal Update
Yesterday’s signals expired without being triggered as there was no bullish price action at 0.7200, 0.7166 or 0.7143.
Today’s AUD/USD Signals
Risk 0.75%
Trades must be made between 8am and 5pm New York time today only.
Long Trade 1
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 0.7072.
Place the stop loss 1 pip below the local swing low.
Adjust the stop loss to break even once the trade is 20 pips in profit.
Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
Short Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7143.
Place the stop loss 1 pip above the local swing high.
Adjust the stop loss to break even once the trade is 20 pips in profit.
Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
Short Trade 2
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7166.
Place the stop loss 1 pip above the local swing high.
Adjust the stop loss to break even once the trade is 20 pips in profit.
Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
Short Trade 1
Short entry following a bearish price action reversal on the H1 time frame immediately upon the next touch of 0.7200.
Place the stop loss 1 pip above the local swing high.
Adjust the stop loss to break even once the trade is 20 pips in profit.
Take off 50% of the position as profit when the trade is 20 pips in profit and leave the remainder of the position to ride.
AUD/USD Analysis
The technical picture is very interesting with both trend lines shown on the chart below having acted as good resistance during recent swings. We seem to be reversing off a rejection of the nearest trend line that happened earlier today near the beginning of the London session. It suggests a move down to test support at 0.7200 again, but it may be difficult to overcome the minor support that is probably there at around 0.7250.
There are key and obvious support and resistance levels above and below and in this kind of market they are probably going to be profitable to expect reversals at unless and until sentiment changes. That is unlikely to happen before the FOMC release on Wednesday.
Regarding the USD, there will be a release of the FOMC Statement and Federal Funds Rate at 6pm London time. There is nothing due concerning the AUD.